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Short sale: Can I move out of the house before it's finalized?
We've got a buyer with a contract for our home for a short sale. We sent the paperwork to the bank to see if they approve. We stopped paying for mortgage and HELOC because it's a financial burden. But we also found a great deal on a rental home in the area we want to live, with a 2 year lease. The renter Realtor told us that we barely got approved since our credit has been hit and if we want it, we need to sign asap (we want it). If we stay in our home, our credit can get worse and I feel it will limit our ability to get a decent rental such as the one we found. Our short sale realtor says we shouldn't leave the house just yet but for no real reason. I figure one way or another we want to proceed with a short sale. What do you think: is it advisable to move out and live in the place I want to live in? Thanks.
2 Answers
- Anonymous1 decade agoFavorite Answer
One thing to consider is that if you move out of the house your bank can consider that abandonment and in some states that allows the bank to fast track foreclosure proceedings. Whether that will affect your short sale is something that only your bank will be able to answer. Good luck!
- Chuck NorrisLv 51 decade ago
You can move out of a house whenever you want, but you stopped paying your mortage and HELOC at your own risk because you are still supposed to pay them until the short sale is complete.
